Even if all of the MF Global money is eventually clawed back and recovered, this remains an impermissible act. People have been denied access to their money, and businesses and reputations have been tarnished. So far, no one has been held accountable.
About 150,000 customer accounts were frozen by the trustee in charge of liquidating MF Global. These customers face long delays in resolving this mess. You can learn some valuable lessons from this debacle.
The explosion of MF Global continues to cause ripple effects of the type we've seen before, and not in a good way, three years ago. Let me bring you up to date on this largely unreported, but still quite potent and ticking time bomb.
The unraveling of MF Global provides a stark reminder of why we need to implement the Dodd-Frank financial reform legislation, a policy that every Republican candidate for president has promised to repeal.